Service | Speed | Satisfaction

Client
Announcements

From Fairway Wholesale
A Division of Fairway Independent Mortgage Corporation

Brokers, Renovation Lending is HERE!

Brokers, Renovation Lending is HERE!

 

 

***Brokers, multiply your product offerings with the Renovation Financing Program.
Sign up for our Renovation Program Introduction Webinar to get started

  

***Renovation Financing is not currently available to Correspondent Partners.

 

Register now to join us next Thursday, June 17 at 2 - 2:30pm CST for our first Renovation Lending Introduction Webinar geared specifically for brokers to learn more about the product offerings! 

With a dedicated Renovation Lending team, Mortgage brokers can now offer homebuyers even more choice when it comes to purchasing a home with three new product offerings to choose from, FHA Limited 203(k) , FHA Standard 203(k) , and the Fannie Mae HomeStyle®.   When your homebuyer is shopping for a home, they will more than likely come across properties that aren't quite what they're looking for but have the potential to be their dream home with some repairs or renovations.  With Renovation Lending, your clients can roll the cost of financing a home and repairs into one loan - saving them time and money. 


*Certification is required in order to offer these specialty products, get started today! 

**If you are not an approved partner and would like to begin offering the choice of RENOVATION LENDING to your clients, visit wholesalethefairway.com to begin the approval process.

 

Please contact your Regional Account Manager should you have any questions related Renovation Lending or email This email address is being protected from spambots. You need JavaScript enabled to view it. 

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DRIVER Updates | June 2021

 

The following DRIVER updates went into effect June 2 during the scheduled maintenance:

FHA Lender ID

The FHA Lender and Sponsor ID fields are now editable in Driver for Correspondents to enter/edit on the URLA Screen.

Cash to Close

Earnest Money will now correctly reflect in cash to close field in Driver. 

LE Screen

Users can now navigate to the LE screen in Driver for ARM, Jumbo & Renovation products.

Pricing Screen

- A FICO score of 0-999 can now be entered into Driver Pricing Screens.

- Scenario Pricing:  Eligibility will show correctly based on the "Foreign National" selection for Citizenship.

2nd Application

User is able to edit borrower's URLA data on a second application in Driver.

Credit Pull

- Users can pull new credit or reimport and populate liabilities on the Assets, Liabilities, & REO Screen.

- Credit scores will be captured to the loan and displayed on the pricing screen.

- A copy of the credit report will be available in the e-folder in the "View/Upload Documents" folder in Driver.

 

Please contact your Regional Account Manager should you have any questions related to this Client Announcement.

Committed to Service, Speed, and Satisfaction

 

DRIVER Updates | Client Announcement 2021-06-03

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June 9: Dave Savage LIVE on Ignite Broker Connect Podcast

June 9: Dave Savage LIVE on
Ignite Broker Connect Podcast

Dave Savage

Fairway Wholesale Lending is excited to announce Dave Savage as the guest on June's 9th's live interview on "Ignite Broker Connect."   Dave Savage, founder of Mortgage Coach, has over 30 years experience as a mobile tech pioneer and a mortgage industry agent of change.  Committed to educating and preparing lenders and loan officers for the Digital Mortgage Revolution, Dave is often invited to company keynote and industry events such as MBA Tech, Sales Mastery and the Mastermind Summit to help facilitate Mastermind events.  He also facilitates the Mortgage Coach Productivity Mastermind group on Facebook to help mortgage professionals connect.

Ignite Broker Connect Podcast is a monthly wholesale mortgage broker market based, real-time, information source. Hear market updates from industry leaders. Listen to growth and success strategies that can be applied to your mortgage business from some of the top nationally ranked industry leaders.
   

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Jumbo Expansion

We are excited to announce an expansion of LTVs on our Jumbo products effective for loans locked on and after today, March 22nd, 2021.

  • Up to 89.99% LTV on Primary Purchase & Rate/Term Refinances*

  • No Mortgage Insurance Required

  • Minimum 720 FICO

  • Up to 43% DTI

  • As Low as 6 Months Reserves Required

*LTV's greater than 80% are limited to 30 year fixed rate transactions only.

For full program guidelines, refer to the Jumbo Non-Conforming Matrix in Knowledge Owl.

 

Jumbo Expansion | Client Announcement 2021-03-22

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Second Home & Investment Properties Eligibility

Fannie and Freddie are implementing changes to Second Home and Investment properties to manage to the 7% limit, as announced by the Treasury/FHFB in January. 

Based on these changes, all Second Home/Investment will now have a 50 bps LLPA effective with today's pricing.    

The industry is in the process of reacting and adjusting to these changes, so this is a fluid and evolving situation. 

 

You can read the full lender letter here: https://singlefamily.fanniemae.com/media/25286/display

 

Second Home & Investment Properties Eligibility | Client Announcement 2021-03-15

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Correspondent VVOE Policy Relaxed

 

Fairway Wholesale Lending is excited to announce the removal of current COVID VVOE Policies for correspondent transactions.  Effective immediately, Fairway is eliminating the additional post close, pre-purchase VVOE for Correspondent transactions.

 

The updated Fairway Correspondent Policy requires a VVOE  to be performed within 3 days prior to closing and subject to Fairway's normal QC audits.

 

Correspondent VVOE Policy Relaxed | Client Announcement  2021-03-10

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Lead Base Paint Requirements

Fairway Clarifies Lead Based Paint Requirements for All Agencies

To clarify how best to comply with the agency guidelines in regard to lead based paint, we have put together the following direction and placed it within the Fairway guidelines:

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FHA Single-Unit Approval

FHA announced in FHA INFO 19-41 revisions to the Condominium Project Approval Requirements. Effective with case numbers assigned on and after 10/15/19, FHA will insure mortgages on Condominium Units approved in accordance with the standards outlined below for Site Condominiums.

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USDA Form 3555-21

Please be advised that on October 4, 2019, USDA released a new version of the Form 3555-21. Beginning November 1, 2019, Fairway will require the new form for all loans being submitted for underwriting. For loans that are currently in Underwriting, but have not yet been sent to USDA for conditional commitment, Fairway will require that the new form be completed and signed by all parties. The Underwriting Team will be conditioning for the new form, as required. 

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Updated UW Turn Times

Great news! We've updated our turn times

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Closing Requirement on Refinance Transactions

In an effort to continue prioritizing your purchase business, Fairway Wholesale Lending will begin enforcing the 48 hours window from CTC to closing date on all refinance transactions.  This enforcement will go into effect Monday, August 26, 2019. 

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Speedy Turn Times on Conventional with MI

Fairway Wholesale Lending is pleased to announce the addition of contract underwriting services made available for eligible conventional loans with mortgage insurance.

To make it easy on you, Fairway will handle all interactions with the contract underwriting teams.   Conventional loans that meet specific requirements will be identified at the time of file submission.

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Change in Settlement Agent Approval Process

Please be advised that on July 15, 2019, Fairway Wholesale Lending made a change to its due diligence performed for closing professionals. For this process, Fairway has retained Closepin, an independent third party risk evaluation firm to conduct due diligence reviews.

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Great News! Rates As Low As 2.75%

Effective Friday, August 9, Fairway is offering rates as low as 2.75% on FHA and VA loans with 30 year terms. 

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Shorter Lock With Approval

In an effort to better serve you, effective Monday August 12, 2019, Fairway is allowing 15-day and 30-day lock periods on all refinance transactions that are in “Approved” status. 

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VA IRRRL Seasoning Update

Ginnie Mae has announced that it is revising the seasoning requirements in Chapter 24, Part 2 §(A)(3)(d)(i) to ensure that the requisite seasoning period is computed by reference to the first payment due date on each covered loan rather than by reference to the date on which the first payment is made.

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FHA Max CLTV Cash Out Refi

As stated in Mortgagee Letter 2019-11, dated August 1, 2019, the maximum LTV/CLTV for FHA Cash-Out Refinance will reduced to 80%. This will be effective with case numbers issued on and after September 1, 2019.

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USDA Income Limits Change

The 2019 Income Limits for the Single Family Housing Guaranteed Loan Program were published on July 22, 2019, through a special Procedure Notice (PN).

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Power of Attorney (POA)

Fairway would like to remind everyone of its Power of Attorney Policy. 

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VA IRRRL Policy

Fairway has confirmed with VA that the recoupment cost requirement must be met on ALL VA IRRRLs in order to be eligible for a VA IRRRL loan. There is no exception for this requirement under any circumstances. Whenever the recoupment costs calculation evidences that a Borrower cannot recoup the costs of the new IRRRL within 36 months, the Borrower becomes ineligible for a VA IRRRL and must look at completing a regular full documentation refinance loan. 

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Fairway Closed July 4th

The Fairway Offices will be CLOSED on Thursday, July 4th in observance of Independence Day. Offices will reopen on Friday, July 5th for normal business hours. 

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LO Compensation Changes

Fairway Wholesale Lending allows its Broker Partners to make changes to their Lender Paid Compensation Agreement on a quarterly basis.

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45-Day Lock Refinance

In an effort to better serve you and your purchase business, effective Monday June 17, 2019, Fairway is requiring 45-day lock periods on all refinance transactions. 

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Fairway Closed Memorial Day

The Fairway Offices will be CLOSED on Monday, May 27th in observance of Memorial Day. Offices will reopen on Tuesday, May 28th for normal business hours. 

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VA Appraisal Fee Changes

VA announced updated appraisal fees for appraisal orders effective on or after 04/01/2019 for the Atlanta RLC, and Cleveland RLC , St. Paul RLC, and Phoenix RLC.

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Extended Locks & Float Downs Now Offered

Please be advised that Fairway is now offering EXTENDED LOCKS and RATE FLOAT DOWNS!

The Extended Lock Program is offered under the Fannie Mae, Freddie Mac, and Ginnie Mae direct products for new construction loans only. It allows borrowers to lock an interest rate for periods of 120 or 180 days, with a float down option. 

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Lock Policy Reminder

Loans must be in Approved status in order to lock for 15 days. Contact your Regional Account Manager should you have any questions related to this Client Announcement.  

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